Brisbane

Homemaker centres change hands for $91m

2013-01-11T06:00:00Z

BRISBANE – 11 January 2013: Property group GPT has offloaded two of its Brisbane Homemaker City Centres for more than $91 million. Both deals were struck by Jones Lange LaSalles’s Jacob Swan and Simon Rooney, who are also marketing GPT’s Homemaker City, Fortitude Valley, for about $100 million.

The listed group yesterday said it had sold its Aspley and Jindalee centres in two separate transactions as part of a strategy to re-weight its portfolio.

BB Retail Capital (BBRC), owned by entrepreneur Brett Blundy, will pay $50.5 million for Homemaker City Jindalee, on Goggs Rd just off the Centenary highway.

In the other deal, an interstate investor will pay $41.2 million for Homemaker City Aspley, on the corner of Gympie and Zillmere roads. BBRC chief executive Darren Holland said the Jindalee deal represented an initial passing yield of 10.8 per cent. The centre will form a single asset wholesale property syndicate managed by BBRC.

Mr Holland said the Jindalee centre was the company’s first Queensland acquisition, lifting its portfolio to more than $540 million and making it Australia’s largest private shopping centre owner.

“It’s a prime 5.8ha site - a fabulous piece of real estate with long term development potential,” he said. “It also has an affluent demographic which is a little under serviced for homemaker items.”

Mr Rooney said there continued to be strong levels of activity in the homemaker sector across the country.

“Over $486.5 million of bulky goods homemaker centres traded in 2012, more than double the amount recorded in 2011 and 48 per cent about the 10-year average,” he said. ​